BCC: Rebalancing of UK economy is not progressing quickly enough

Commenting on the December trade figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:

“These figures show a further welcome increase in exports. However, imports have risen more strongly, the trade deficit has widened, and it is clear that the much-needed rebalancing of the economy towards export-led growth is not progressing quickly enough.

“Given the favourable international environment for British exporters, with a competitive sterling exchange rate and global growth edging up, our overall trading performance is not strong enough.

“To strengthen Britain’s international trading position, the government should back our exporters more forcefully - as many of our competitors are doing - and adopt measures aimed at ensuring that adequate trade finance is available.”

Trade is one of the key campaign priorities for the British Chambers of Commerce. We are campaigning for the political parties to commit to policies that make it easier for businesses to move from start-up, to beginning trading, and ultimately expanding into a number of foreign markets. Working with Chambers of Commerce across the UK, we will highlight export opportunities for our manufacturing and service industries, and develop solutions to improve the UK’s trade finance, promotion and skills framework.

Posted 10th Feb 2010  by member Cornwall Chamber of Commerce & Industry